Gov Accounting- Financial Statements

Question 1

What are the required pieces of the financials (in order)

Answer 1

1. MD&A
2. Government-wide financial statements
3. Fund financial statements
4. Notes to the financial statements
   .5. Required supplementary information (RSI) and OSI- other supplementary information

Question 2

What must be included with the government-wide financials and fund financial statements?

Answer 2

Reconciliation of modified accrual governmental funds to the government-wide financials on the full accrual basis

Question 3

How are government-wide financial recorded?

Answer 3

Prepared on the accrual basis

Reflecting economic resources measurement focus

Question 4

How is net position calculated in the government-wide financials

Answer 4

A-L = NP

Question 5

Describe the statement of activities

Answer 5

1. includes program revenues (SOC) resulting from exchange-type (charges for services) or non-exchange type transactions such as operating or capital grants
2. between governmental activities and business-type activities columns, interfund activity with be eliminated; between columns interfund-activity will not be eliminated

Question 6

What is the criteria for major funds

Answer 6

1. 10% of GRaSPP funds or enterprise funds

2. 5% of GRaSPP funds or enterprise funds

Question 7

Which fund is always included as a major fund

Answer 7

general fund

Question 8

Which funds are always excluded from major fund considerations

Answer 8

1. internal service funds

Question 9

What is unique about the proprietary fund financial statements?

Answer 9

has a statement of cash flow

Question 10

How does the fiduciary fund report net position

Answer 10

the difference between assets plus deferred outflows of resources and liabilities plus deferred inflows of resources

Question 11

what are the requirements of the MD&A section

Answer 11

• easily readable summary

- likely include a description of major initiatives and analyze material variances

Question 12

What is the requirement of the notes of the financial statements

Answer 12

essential for fair presentation
focus on the primary government (specifically governmental activities, business type activities, major funds, and nonmajor funds in aggregate
additional information regarding discretely presented component units

Question 13

What might be included in required supplementary information

Answer 13

May include:
pension data
infrastructure data
budgetary comparisons of the original and final budgets as well as the actual amounts

Question 14

What is included in the optional supplemental information

Answer 14

Combining statements for nonmajor funds and variance computations is optional